Rumor: Lee deal ‘just about done’

I’m never sleeping in again….

Late last night Joel Sherman reported that the Yankees are “on the brink” of landing Cliff Lee. There aren’t many details other than the inclusion of Jesus Montero in the package. Sherman mentions David Adams, too and Tweeted that another prospect would be involved as well. We’ll save commentary until we get further word, but I will say that if this does happen: 1) Please let it happen before they face Lee tonight, and 2) This will not be the last major move the Yanks make this month.

Update by Ben (10:40 a.m.): AOL. FanHouse’s Ed Price has an update. According to his sources — an official from another team interested in Lee — the Mariners are now “negotiating exclusively” with the Yankees, and Buster Olney’s sources say the trade is “just about done.” We could be in for an interesting day indeed. For our analysis of this potential deal, be sure to check out Mike’s take on the rumors.

Update by Mike (11:07 a.m.): Olney says that the Yankees will not receive a window to negotiate and extension with Lee as part of the trade, but Ken Davidoff says they’re confident they’ll sign him long-term. Remember, the Yanks don’t negotiate with potential free agents until their contracts expire anyway. Olney also says that the Yanks informed the Mariners that their current offer is their final and best one.

Update by Mike (11:57 a.m.): Sherman says that the Yanks refused to include pitching prospects David Phelps, Ivan Nova, or Hector Noesi in the deal. He adds that it’s entirely possible that the deal is just Montero and Adams for Lee. I recommend giving Sherman’s piece a read, he explains why this trade would be different that one for Johan Santana way back when. Long story short: the Yanks’ believe their farm system is simply better now, and they’re dealing from positions of depth.

Update by Mike (1:49 p.m.): Ken Rosenthal hears that the third prospect might be Zach McAllister, who has become quite expendable this season with the emergence of Noesi, Phelps, and others.